As expected, it looks like there will be no State funds given for an arena in Virginia Beach...not now anyway. Thank God this ridiculous idea is losing steam. The Maloofs turning their noses up at the Sacramento deal is looking dumber and dumber by the day.

Quote:

Per Brock Vergakis of the Associated Press, Virginia Gov. Bob McDonnell today denied Virginia Beach's request for $150 million in public funds to help fund a new sports arena and to help with relocation costs for a prospective sports franchise, widely believed to the Sacramento Kings.

The Virginia Economic Development Partnership (VEDP) had this to say regarding Virginia Beach's request:

"Should the city have a detailed financing plan, or alternative plans, that provide more clarity on what the revenue sources are for building the arena and how they will be applied to retire the city's debt obligation, this would certainly be helpful for the administration to receive"

From the Virginia Pilot, McDonnell spokesman Tucker Martin made this statement:

"The Governor has long supported efforts to bring a professional sports franchise to Hampton Roads," McDonnell spokesman Tucker Martin said in a statement. "However, any state involvement in economic development proposals must make clear and sound financial sense for the Commonwealth's taxpayers and be economically justifiable."

While that statement doesn't rule out a future possible subsidy, Virginia Beach's arena plan is likely dead in the water. The state budget will be submitted Dec. 17th, and approved January. Virginia Beach had hoped to get the process approved by February or March, in time for the NBA's relocation deadline of March 1st, and that was heavily reliant on state assistance.

Comcast-Spectacor, the driving force behind this potential arena deal, has only offered to put in $35 million. Virginia Beach's city council will vote Tuesday on whether or not to continue negotiating with them to try to lure a team. But it's looking less and less likely that that team would be the Sacramento Kings.

If they sell. Seattle already said they're gonna buy a team. Not just move one there.

12-08-2012, 03:17 PM

KingsPhillies

If they're really dead-set on keeping the team, and just want to straight up relocate, I don't know why we haven't heard any rumors about going back to Kansas City. It's a decent market(better than Virginia Beach), and they already have an arena. And with the close proximity to basketball schools like Kansas and Missouri, there is no shortage of basketball fans; not to mention the small cross-section of fans who never jumped ship when the team moved to Sac. I guess it just makes too much sense for the Maloofs and the NBA.

Let's face it, if they want to move, the city to which they relocate has to have everything already in order or else the NBA isn't likely to approve it. Otherwise, their only options would seem to be to stay or sell. Selling would either mean the Seattle group vastly over-pays for the team, or someone committed to Sacramento snatches the team up and keeps them in town.

Does anyone know if AEG has completely pulled out of the railyard plan, or is everything still on the table?

12-08-2012, 04:14 PM

iMac

Quote:

Originally Posted by KingsPhillies

Does anyone know if AEG has completely pulled out of the railyard plan, or is everything still on the table?

Last I heard is that the deal is still on the table, but no further development until financial commitments are made... Which George Maloof f##Ked up!

12-09-2012, 01:27 PM

KingsPhillies

^Ok, good. The last I heard, Phillip Anschutz was selling AEG to some billionaire in Los Angeles(who, of course, is a Laker fan...AND the richest man in L.A. apparently). I wasn't sure if that would completely cut the legs out from under this plan or not. As far as I know, Tim Leiweke is still in charge of day-to-day operations of the company, so hopefully he still has the Sacramento plan on the back burner for now. Then, perhaps once the Maloofs come to their senses(unlikely as that is), everything will start to fall into place.

12-09-2012, 06:02 PM

ZebraCity916

Quote:

Originally Posted by KingsPhillies

^Ok, good. The last I heard, Phillip Anschutz was selling AEG to some billionaire in Los Angeles(who, of course, is a Laker fan...AND the richest man in L.A. apparently). I wasn't sure if that would completely cut the legs out from under this plan or not. As far as I know, Tim Leiweke is still in charge of day-to-day operations of the company, so hopefully he still has the Sacramento plan on the back burner for now. Then, perhaps once the Maloofs come to their senses(unlikely as that is), everything will start to fall into place.

I'm sure the deal will always be on the table, as long as AEG stands to make money off of it.

01-03-2013, 04:47 PM

sfgiants1213

Hey people:

Quote:

Virginia Beach looks dead, and frankly, it probably is. But Virginia Beach does not believe itself to be dead, and so we must pay attention. According to Aaron Applegate of the Virginian-Pilot, Virginia Beach mayor Will Sessoms is looking for Comcast-Spectacor and the TOTALLY SECRET NBA TEAM that is absolutely the Sacramento Kings to reach a lease term sheet this week so that Sessoms and the Virginia Beach City Council can next week beg the Virginia state legislature for tons of money to build their arena.

The city is looking for $150 million of state money. They'd already asked; the governor told them to come back when they actually had a plan. Ergo, the devising of a plan. By all accounts, the Maloofs are basically looking for a free deal: a place where they can make money off of their basketball team without having to actually put anything up. A huge portion of the $150 million Virginia Beach will request from the state is earmarked to help the Maloofs finance relocation, including the league's assumed fee and the lower revenues expected for two seasons as the Kings play in tiny gyms in Virginia as the new arena is built.

We know the Maloofs, and in particular George Maloof, pretty well. And history tells us that even a deal for a free arena is not going to be enough. There is no detail small enough for Maloof to overlook in his quest for every dime of plausible revenue. Remember: this is the man who balked at providing collateral on a $70 million loan and didn't feel he should have to sign a long-term lease at an arena built using primarily public funds specifically for his act.

Plus, word is the league believes this all to be a massive waste of time as the Board of Governors has no intention of leaving Sacramento and Seattle without teams while a town with no demand for or history with the NBA gets one.

Cuban is the only one pulling for our fair city right now and us as fans.

Wasn't he the only one to vote down the Anaheim move??

Does it only take 1 vote to stop a move?

If the Kings move I will consider changing favorite teams. I have never changed favorite teams while still actively watching my favorite team, but the Maloofs are wearing thin on me. It would be hard for me to still like a team that moved away from me locally and are owned by owners I dislike. I would probably start watching the Warriors, especially if they played on local TV, which is probably what will happen if the Kings move.

01-03-2013, 06:26 PM

ZebraCity916

Quote:

Originally Posted by Plague

Does it only take 1 vote to stop a move?

If the Kings move I will consider changing favorite teams. I have never changed favorite teams while still actively watching my favorite team, but the Maloofs are wearing thin on me. It would be hard for me to still like a team that moved away from me locally and are owned by owners I dislike. I would probably start watching the Warriors, especially if they played on local TV, which is probably what will happen if the Kings move.

Nah, I think it has to be a majority vote between all of the NBA owners. I could be wrong though.....

Yeah, I was thinking about being a Warriors fan too. Also, something has always attracted me to Houston.....

Any chance all of us Kings fans in the forum could just root for the same team?? I like our group of fans we have in here.